Bawan partners approves Bina’s capital raise

Bawan Company said on Monday that it has approved a capital raise for its subsidiary Bina Ready-mix Concrete Products, according to its statement to Tadawul, Saudi Arabia’s bourse.

Bina Ready-Mix, a subsidiary of Bina Holding, is looking to raise its capital from SAR 13.25 million to SAR 19.25 million by 45.28 percent.

Bawan said the capital increase will be financed through the company’s internal resources.

The capital raise is intended to support the activities and business development plans of Bina Ready-mix Concrete Products.